This week was an eventful, US FOMC & BOE meeting was scheduled and RBI MPC’s surprise meeting on 4-May-22. Reliance came out with numbers on Friday evening which will react to it on Monday.
Next week could give a surprise short covering bounce, only to move lower again. This view may not happen in a week and this week we may remain or close in a green. Broader trend remains downward.
This week could provide much needed short covering bounce and we believe to follow capital allocation strategy. Bring cash level anywhere between 20% – 50% as per conviction. By the end of May month or 1st half of June – Indices could be trading at lower level from Friday’s closing.
Click on the attachment to read the full report: